LHV Group
Minutes of annual general meeting

Resolutions of Annual General Meeting of LHV Group

The Annual General Meeting of Shareholders of AS LHV Group (LHV Group) was held on 20 March 2024 at Hilton Tallinn Park Hotel. It was possible to participate in the meeting also electronically and vote remotely on the draft decisions on the agenda, including watch the meeting via video broadcast. Shareholders entitled to participate in the meeting could also vote before the meeting.

A total of 2,649 shareholders participated in the meeting, representing a total of 187,626,109 votes, which corresponds to 58.66% of all votes entitled to participate in the meeting.

Of the participants 2,498 shareholders, representing a total of 79,838,579 votes, voted before the meeting according to the procedure for pre-voting and electronic participation published with the notice on calling the meeting.

The notice on calling the Annual General Meeting was published in the stock exchange information system and on the Group’s website on 27 February 2024. On the same date, the notice was printed in Postimees daily newspaper.

The Annual General Meeting of the Shareholders of LHV Group adopted the following resolutions:

1. Annual Report 2023

Approve LHV Group's Annual Report for 2023 as presented to the General Meeting.

In favor: 174,084,896 votes (92.78 % of the represented votes)
Opposed: 97,040 votes (0.05 % of the represented votes)
Neutral: 57,937 votes (0.03 % of the represented votes)
Withheld: 13,386,236 votes (7.13 % of the represented votes)

2. Profit Distribution for Financial Year 2023

The profit attributable to LHV Group as the parent company of the consolidation group in the financial year 2023 amounts to EUR 140,938 thousand. Transfer EUR 0 to the legal reserve. Approve the profit distribution proposal made by the Management Board and pay dividends in the net amount of 13 euro cents per share. The list of shareholders entitled to receive dividends will be established as of 5 April 2024 EOD of the Nasdaq CSD settlement system. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 4 April 2024. From this day onwards, persons acquiring the shares will not have the right to receive dividends for the financial year 2023. Dividends shall be disbursed to the shareholders on 12 April 2024.

In favor: 178,726,831 votes (95.26 % of the represented votes)
Opposed: 183,773 votes (0.10 % of the represented votes)
Neutral: 28,591 votes (0.02 % of the represented votes)
Withheld: 8,686,914 votes (4.63 % of the represented votes)

3. Dividend Policy

Considering the Dividend Policy serves as a guiding document for the Management Board to formulate dividend payment proposals, and acknowledging the technical refinements in its recent wording to uphold the principle of distributing 25% of LHV Group's pre-tax profit to shareholders, affirm the Supervisory Board's authority to establish the Dividend Policy and instruct the Management Board to ensure that shareholders are subsequently informed about significant future amendments to the Dividend Policy.

In favor: 175,774,866 votes (93.68 % of the represented votes)
Opposed: 262,260 votes (0.14 % of the represented votes)
Neutral: 1,560,855 votes (0.83 % of the represented votes)
Withheld: 10,028,128 votes (5.34 % of the represented votes)

4. Financial Results of First Two Months of 2024

An overview of the economic results of LHV Group for the first two months of 2024 was given by the CEO of LHV Group.

5. 5-Year Financial Forecast

An overview of the five-year financial forecast of LHV Group was given by the CEO of LHV Group

6. Recall of Supervisory Board Member

Recall Sten Tamkivi (personal identification code: 37803032724) from the Supervisory Board of LHV Group, effective immediately upon the adoption of this resolution.

In favor: 173,308,406 votes (92.37 % of the represented votes)
Opposed: 694,581 votes (0.37% of the represented votes)
Neutral: 1,116,676 votes (0.60% of the represented votes)
Withheld: 12,506,446 votes (6.67% of the represented votes)

7. Appointment of Supervisory Board Member

Appoint Liisi Znatokov (personal identification code: 48311040338), as new member of the Supervisory Board of LHV Group, with the term commencing immediately upon the adoption of this resolution and continuing for three years, i.e., from 20 March 2024 until 20 March 2027.

In favor: 168,328,106 votes (89.71% of the represented votes)
Opposed: 454,979 votes (0.24% of the represented votes)
Neutral: 1,306,344 votes (0.70% of the represented votes)
Withheld: 17,536,680 votes (9.35% of the represented votes)

All relevant documents associated with the Group’s General Meeting (including the notice on calling the General Meeting, draft resolutions, the Group's annual report for 2023, including the independent auditor's report, proposal for the profit distribution, the remuneration report, the Supervisory Board's report on its activities and assessment of the 2023 annual report, LHV Group’s dividend policy and the resume of Liisi Znatokov) have been presented in more detail on the Group’s website (https://investor.lhv.ee/en/general-meetings/#20.03.2024), where the minutes of the meeting shall also be made available at the latest 7 days after the General Meeting.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1080 people. As at the end of February, LHV’s banking services are being used by 424,000 clients, the pension funds managed by LHV have 121,000 active clients, and LHV Kindlustus protects a total of 164,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee